KUB Investor Relations

	Group 2010 RM'000	Group 2009 RM'000

Revenue	796,208	867,605
Cost of sales	(686,572)	(757,241)

Gross profit	109,636	110,364

Other income	27,158	53,772
Distribution expenses	(4,785)	(3,883)
Administrative expenses	(90,036)	(84,631)
Other expenses	(13,712)	(13,478)

Results from operating activities	28,261	62,144

Finance costs	(9,774)	(7,667)
Effects of deconsolidation of subsidiaries	(363)	23,305
Share of results of associates	4,141	2,442

Profit before tax	22,265	80,224

Income tax expense	(5,247)	(9,933)

Profit for the year	17,018	70,291

Other comprehensive income
Net gain on available-for-sale financial assets - Gain on fair value changes, net of tax	2,273	-
Foreign currency translation	136	4,031
Effects of deconsolidation of subsidiaries	-	(3,370)

Total comprehensive income for the year	19,427	70,952


Profit attributable to:
Owners of the parent	11,482	47,156
Minority interests	5,536	23,135

	17,018	70,291


Total comprehensive income attributable to:
Owners of the parent	13,891	47,817
Minority interests	5,536	23,135

	19,427	70,952


Basic and diluted earnings per ordinary share (sen)	2.06	8.47

	Group 2010 RM'000	Group 2009 RM'000 (restated)

Assets
Non-current assets
Property, plant and equipment	168,115	156,204
Land held for property development	4,603	4,601
Plantation development expenditure	36,396	38,175
Investment properties	11,805	11,854
Investments in subsidiaries	-	-
Investments in associates	14,737	10,596
Other investments	151	151
Intangible assets	21,368	18,985
Due from subsidiaries	-	-
Deferred tax assets	2,614	5,684

	259,789	246,250


Current assets
Other investments	5,036	2,006
Inventories	30,445	22,208
Trade and other receivables	204,003	293,259
Tax recoverable	7,739	6,446
Cash and bank balances	194,723	236,343

	441,946	560,262

Assets classified as held for sale	1,412	6,598

Total assets	703,147	813,110


Equity and liabilities
Equity attributable to owners of the parent
Share capital	222,586	222,586
Reserves	49,874	55,713
Retained earnings	78,920	77,454

	351,380	355,753

Minority interests	22,167	31,575

Total equity	373,547	387,328


Non-current liabilities
Borrowings	22,090	23,904
Deferred tax liabilities	9,906	8,252
Trade and other payables	-	-
Provision for liabilities	4,232	5,302

	36,228	37,458


Current liabilities
Trade and other payables	170,567	250,688
Provision for tax	4,529	13,132
Borrowings	117,414	124,504
Derivatives	859	-

	293,369	388,324

Liabilities classified as held for sale	3	-

Total liabilities	329,600	425,782

Total equity and liabilities	703,147	813,110

	Group 2010 RM'000	Group 2009 RM'000

Operating activities
Profit before tax	22,265	80,224

Adjustments for:
Amortisation of intangible assets	380	282
Amortisation of plantation development expenditure	2,595	2,427
Bad debts written off	368	894
Depreciation of property, plant and equipment	20,855	20,302
Depreciation of investment properties	368	383
Interest expense	9,774	7,667
Loss on fair value changes of derivative liabilities	859	-
Property, plant and equipment written off	756	953
Investment properties written off	46	-
Allowance for impairment on receivables	313	4,075
Unrealised loss on foreign exchange	44	13
Write down of inventories	-	313
Write down of other investments	-	990
Dividend income	(448)	(347)
(Gain)/loss on disposal of:
- investment in associates	-	(162)
- investment properties	(1,000)	(31,232)
- land held for property development	(500)	-
- property, plant and equipment	(1,625)	(1,935)
- subsidiaries	(150)	5
Effects of deconsolidation of subsidiaries	363	(23,305)
Government grant income	-	(4,038)
Interest income	(3,892)	(3,869)
Reversal of impairment loss on:
- investment in associates	-	(761)
- property, plant and equipment	-	(149)
Reversal of allowance for impairment on:
- receivables	(82)	(3,990)
- amount due from subsidiaries	-	-
Recoveries of due from subsidiaries previously provided for	-	-
Unrealised gain on foreign exchange	(282)	(28)
Share of results of associates	(4,141)	(2,442)

Operating profit/(loss) before changes in working capital	46,866	46,270

Changes in working capital:
Inventories	(8,237)	24,179
Trade and other payables	(81,428)	39,847
Trade and other receivables	81,843	(132,920)

Cash generated from/(used in) operations	39,044	(22,624)

Tax paid	(10,419)	(3,356)

Net cash generated from/(used in) operating activities	28,625	(25,980)


Investing activities
Acquisition of plantation development expenditure	(816)	(1,063)
Acquisition of property, plant and equipment	(35,061)	(28,642)
Acquisition of minority interests	(12,000)	-
Additional intangible assets	(2,122)	(1,676)
Advances to subsidiaries	-	-
Capital repayment received	-	9,000
Disposal of a subsidiary, net of cash disposed	779	(1)
Deconsolidation of subsidiaries, net of cash deconsolidated	(2,784)	(22)
Dividends received	448	8,347
Government grant received	-	4,038
Interest received	3,892	3,869
Proceeds from disposal of associates	-	162
Proceeds from disposal of investment properties	1,800	56,087
Proceeds from disposal of property, plant and equipment	2,366	6,543
Proceeds from disposal of land held for property development	5,000	-
Redemption of other investments	-	2
Repayment from subsidiaries	-	-
Subsequent expenditure of land held for development expenditure	(2)	(2)

Net cash (used in)/generated from investing activities	(38,500)	56,642


Financing activities
Deposits pledged with licensed banks	(12,116)	800
Dividends paid	(13,166)	(22,066)
Interest paid	(9,774)	(7,667)
Net drawdown/(repayment) of short term borrowings	13,738	(39,818)
Payment of finance lease liabilities	(724)	(468)
Net drawdown/(repayment) of term loans	4,646	(3,947)

Net cash used in financing activities	(17,396)	(73,166)


Net decrease in cash and cash equivalents	(27,271)	(42,504)
Effect of exchange rate fluctuations on cash held	99	618
Cash and cash equivalents at beginning of year	96,216	138,102

Cash and cash equivalents at end of year	69,044	96,216